Magine accelerates expansion plans with $19m injection

Magine has secured $19 million in extra funding from Swedish and international investors and said the cash will allow it to speed up its international launch plans.

TBI broke the news of Magine’s launch in March and it subsequently rolled out in Sweden. At that point the OTT service was targeting launches in five European territories by year-end and it has subsequently rolled out in Germany.

A Spanish launch is in the works and the company said there will be five additional launches before end-2013. Territories were not specified but the UK is known to be one priority.

Magine carries full channels over the top, paying a carriage fee in the same way as a traditional pay TV operator.

In Sweden it carries channels including Discovery, CNN International, BBC, Eurosport, National Geographic, Nickelodeon and Cartoon Network as well as home national broadcasters SVT and TV4.

Magine chairman Michael Werner said: “Magine is not just another TV platform, but a totally new way of accessing and consuming content. It is a subscription service that was devised to make viewers come back to watching TV and this is why broadcasters and content providers are very keen to adopt the service.”